Table 2 Descriptive statistics Variable...

Table 2

Descriptive statistics

Variable	No.	Mean	SD	Min	p25	p50	p75	Max
Panel A: descriptive statistics of key variables
R&D	18709	0.021	0.019	0.008	0.018	0.029	0.000	0.108
Status	18709	0.526	0.108	0.467	0.533	0.600	0.088	0.800
Duality	18709	0.297	0.457	0.000	0.000	1.000	0.000	1.000
Lev	18709	0.401	0.196	0.244	0.392	0.545	0.052	0.928
ROA	18709	0.043	0.064	0.016	0.041	0.073	−0.412	0.224
Growth	18709	0.223	0.519	−0.003	0.127	0.304	−0.679	5.618
Cash	18709	0.162	0.123	0.075	0.127	0.212	0.010	0.615
Size	18709	22.090	1.239	21.196	21.907	22.771	19.566	27.664
Firsthold	18709	0.341	0.144	0.229	0.322	0.434	0.082	0.750
Manhold	18709	0.165	0.207	0.000	0.038	0.322	0.000	0.678
Listage	18709	1.831	0.922	1.099	1.946	2.639	0.000	3.296
Boardsize	18709	2.296	0.364	2.079	2.197	2.485	1.609	3.434
IndR	18709	0.330	0.096	0.333	0.333	0.400	0.115	0.571
Bm	18709	0.525	0.256	0.321	0.492	0.701	0.090	1.257
SOE	18709	0.288	0.453	0.000	0.000	1.000	0.000	1.000

Variable	No.	Mean	SD	Min	p25	p50	p75	Max
Panel A: descriptive statistics of key variables
R&D	18709	0.021	0.019	0.008	0.018	0.029	0.000	0.108
Status	18709	0.526	0.108	0.467	0.533	0.600	0.088	0.800
Duality	18709	0.297	0.457	0.000	0.000	1.000	0.000	1.000
Lev	18709	0.401	0.196	0.244	0.392	0.545	0.052	0.928
ROA	18709	0.043	0.064	0.016	0.041	0.073	−0.412	0.224
Growth	18709	0.223	0.519	−0.003	0.127	0.304	−0.679	5.618
Cash	18709	0.162	0.123	0.075	0.127	0.212	0.010	0.615
Size	18709	22.090	1.239	21.196	21.907	22.771	19.566	27.664
Firsthold	18709	0.341	0.144	0.229	0.322	0.434	0.082	0.750
Manhold	18709	0.165	0.207	0.000	0.038	0.322	0.000	0.678
Listage	18709	1.831	0.922	1.099	1.946	2.639	0.000	3.296
Boardsize	18709	2.296	0.364	2.079	2.197	2.485	1.609	3.434
IndR	18709	0.330	0.096	0.333	0.333	0.400	0.115	0.571
Bm	18709	0.525	0.256	0.321	0.492	0.701	0.090	1.257
SOE	18709	0.288	0.453	0.000	0.000	1.000	0.000	1.000

Industry name	No.	Mean	SD	Min	p25	p50	p75	Max
Panel B: descriptive statistics of independent director status (status) by industry
Agriculture, forestry, animal husbandry, and fishery	212	0.543	0.106	0.467	0.557	0.615	0.214	0.800
Mining industry	347	0.565	0.097	0.529	0.575	0.619	0.088	0.783
Food and beverage manufacturing	714	0.532	0.110	0.467	0.533	0.600	0.094	0.792
Textiles, clothing, leather, and fur manufacturing	490	0.500	0.103	0.429	0.500	0.571	0.212	0.800
Wood and furniture manufacturing	111	0.500	0.125	0.429	0.500	0.600	0.088	0.789
Papermaking, printing manufacturing	338	0.526	0.104	0.467	0.538	0.600	0.088	0.778
Petroleum, chemical, plastic, and rubber manufacturing	2017	0.516	0.107	0.462	0.529	0.583	0.088	0.800
Electronics manufacturing	2334	0.526	0.107	0.467	0.533	0.600	0.088	0.800
Metal, non-metal manufacturing	1545	0.525	0.106	0.467	0.533	0.591	0.088	0.800
Machinery, equipment, instrument manufacturing	4438	0.521	0.110	0.462	0.529	0.588	0.088	0.800
Pharmaceutical and biological products manufacturing	1460	0.524	0.103	0.467	0.529	0.591	0.088	0.800
Other manufacturing	458	0.532	0.106	0.462	0.538	0.600	0.088	0.800
Electricity, heat, gas, and water production and supply	306	0.557	0.090	0.500	0.563	0.618	0.282	0.800
Construction industry	483	0.576	0.114	0.500	0.577	0.648	0.214	0.800
Wholesale and retail trade	413	0.537	0.117	0.472	0.550	0.600	0.088	0.789
Transportation, warehousing, and postal services	236	0.536	0.107	0.467	0.532	0.600	0.278	0.800
Accommodation and catering services	21	0.527	0.040	0.500	0.528	0.556	0.425	0.600
Information technology industry	1633	0.525	0.109	0.467	0.533	0.600	0.088	0.800
Real estate industry	171	0.543	0.098	0.500	0.556	0.600	0.273	0.800
Rental and business services	196	0.501	0.102	0.438	0.500	0.559	0.167	0.800
Scientific research and technical services	209	0.538	0.102	0.500	0.556	0.596	0.214	0.800
Water conservation, environmental protection, and public facility management	216	0.535	0.091	0.500	0.529	0.600	0.329	0.800
Health and social work	68	0.515	0.105	0.462	0.527	0.600	0.214	0.700
Culture, sports, and entertainment	204	0.533	0.098	0.467	0.538	0.600	0.267	0.800
Comprehensive	89	0.572	0.102	0.525	0.571	0.632	0.261	0.789

Industry name	No.	Mean	SD	Min	p25	p50	p75	Max
Panel B: descriptive statistics of independent director status (status) by industry
Agriculture, forestry, animal husbandry, and fishery	212	0.543	0.106	0.467	0.557	0.615	0.214	0.800
Mining industry	347	0.565	0.097	0.529	0.575	0.619	0.088	0.783
Food and beverage manufacturing	714	0.532	0.110	0.467	0.533	0.600	0.094	0.792
Textiles, clothing, leather, and fur manufacturing	490	0.500	0.103	0.429	0.500	0.571	0.212	0.800
Wood and furniture manufacturing	111	0.500	0.125	0.429	0.500	0.600	0.088	0.789
Papermaking, printing manufacturing	338	0.526	0.104	0.467	0.538	0.600	0.088	0.778
Petroleum, chemical, plastic, and rubber manufacturing	2017	0.516	0.107	0.462	0.529	0.583	0.088	0.800
Electronics manufacturing	2334	0.526	0.107	0.467	0.533	0.600	0.088	0.800
Metal, non-metal manufacturing	1545	0.525	0.106	0.467	0.533	0.591	0.088	0.800
Machinery, equipment, instrument manufacturing	4438	0.521	0.110	0.462	0.529	0.588	0.088	0.800
Pharmaceutical and biological products manufacturing	1460	0.524	0.103	0.467	0.529	0.591	0.088	0.800
Other manufacturing	458	0.532	0.106	0.462	0.538	0.600	0.088	0.800
Electricity, heat, gas, and water production and supply	306	0.557	0.090	0.500	0.563	0.618	0.282	0.800
Construction industry	483	0.576	0.114	0.500	0.577	0.648	0.214	0.800
Wholesale and retail trade	413	0.537	0.117	0.472	0.550	0.600	0.088	0.789
Transportation, warehousing, and postal services	236	0.536	0.107	0.467	0.532	0.600	0.278	0.800
Accommodation and catering services	21	0.527	0.040	0.500	0.528	0.556	0.425	0.600
Information technology industry	1633	0.525	0.109	0.467	0.533	0.600	0.088	0.800
Real estate industry	171	0.543	0.098	0.500	0.556	0.600	0.273	0.800
Rental and business services	196	0.501	0.102	0.438	0.500	0.559	0.167	0.800
Scientific research and technical services	209	0.538	0.102	0.500	0.556	0.596	0.214	0.800
Water conservation, environmental protection, and public facility management	216	0.535	0.091	0.500	0.529	0.600	0.329	0.800
Health and social work	68	0.515	0.105	0.462	0.527	0.600	0.214	0.700
Culture, sports, and entertainment	204	0.533	0.098	0.467	0.538	0.600	0.267	0.800
Comprehensive	89	0.572	0.102	0.525	0.571	0.632	0.261	0.789

Source(s): Table by authors

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